The geothermal drill bits market size was valued at $3.4 billion in 2021, and geothermal drill bits industry is estimated to reach $5.8 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.
The major companies profiled in this report include Baker Hughes Co., America West Drilling Supply Inc., Epiroc AB, Halliburton, Torquato Drilling Accessories, National Oilwell Varco, Varel International Energy Services, Schlumberger Ltd., Blast Hole Bit Co. LLC., and Bit Brokers International Ltd.
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Increase in awareness among the governments of developing countries such as India and China toward the development of renewable and eco-friendly power generation has boosted geothermal drilling, which has a positive impact on the geothermal drill bits market.
The growth of the geothermal drill bits market is expected to be driven by rise in demand for oil resources across the globe.
Rapid industrialization and urbanization across the globe have driven the demand for the excavation of geothermal resources such as fossil fuels and the construction of geothermal power plants.
The increase in the investment of the government and private companies toward the development of renewable geothermal resources has a positive impact on the development of the market.
The outbreak of the pandemic has created a lot of awareness among developing countries in regard to national energy security, especially countries such as India and China, which are highly dependent on imports of fossil fuels for economic development.
The governments of India and China have invested huge resources in the exploration of resources in offshore areas.
These include decline in the fossil fuel resources on the mainland and the government’s stringent regulations over the development of excess oil & gas resources.
For instance, in Germany, mining permission, a license under the Water Act, and a building permit are required to build and operate a geothermal power plant. The Federal Mining Act is the central law for the overall approval of geothermal plants.
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The presence of various problems such as high cost, and pollution of the ocean waters in the development of offshore resources has an impact on drilling the geothermal resources, which is expected to restrain the development of the market.
North America dominated the global geothermal drill bits market. The North American marketplace is flourishing owing to rapid development of new technologies and oil & gas industry growth.
Canada’s first commercial geothermal power project, developed by Deep Earth Energy Production in southern Saskatchewan, will be up and running by 2024.
In addition, Eavor Technologies and the Little Salmon Carmacks First Nation entered a partnership to develop a 3 MW closed-loop geothermal system the company calls an “Eavor-Loop”.
By type, the PDC drill bit segment was the leading segment in 2021.
By application, the onshore segment was the leading segment in 2021.
Impact of Covid-19
Post-pandemic, there is a significant demand for the geothermal drill bits market mostly due to an increase in the investment of the government for the development of offshore resource exploration and restart related to the construction of the geothermal power plant to produce renewable power.
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In addition, government policies such as tax rebates, and investment of government toward the generation of power from geothermal energy are expected to provide lucrative opportunities for the development of the market.
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